Tea and marine fishing growth rates drop

Tea and marine fishing suffered major falls in growth rates posting a growth of 3.9 percent and 8.6 percent during the third quarter of this year, a release from the Department of Sensus and Statistics said.

However, the Gross Domestic Product (GDP) for the third quarter of this year reached Rs. 2,158,327 million up 4.8 percent from Rs. 2,059,070 million reported in the corresponding period last year.

The economic growth rate for the first three quarters has been estimated at 5.2 percent.

The four major components of the economy: Agriculture, Industry, Services and Taxes less subsidies have contributed its share to the total GDP (at constant price - 2010) by 7.2 percent, 26.7 percent, 57.1 percent and 9.0 percent in the third quarter of 2015.

During the third quarter of 2015, all three major economic activities showed a significant increase in growth rates.

It reported 6.9 percent, 6.2 percent and 3.4 percent growth in Agriculture, Industries and Services.

Among the sub activities of Agriculture, ‘Growing of rice’ reported very high growth (61.1 percent) and ‘Growing of oleaginous fruits; including coconut’ reported an increase of 7.9 percent during the third quarter of 2015, compared to the same quarter of 2014.‘Growing of tea’ and ‘Marine fishing’ suffered major falls in growth rates reporting an increase of 3.9 percent and 8.6 percent during the quarter.

Among the industrial activities, the sub activities of ‘Mining and quarrying’, ‘Manufacture of food, beverages and tobacco’ and ‘Manufacture of wood and products of wood’ showed a striking increase of 9.6 percent, 8.8 percent and 35.2 percent, during the third quarter of 2015.

‘Manufacture of textile and wearing apparel’ and ‘Manufacture of chemical products’ activities have reported a decline of 2.4 percent and 4.2 percent.

During the third quarter of 2015, the sub activities of ‘Telecommunication’, ‘Financial service activities’, ‘Insurance, reinsurance and pension funding’ and ‘Wholesale and retail trade’ experienced a significant increase in growth rates - 18.9 percent, 11.1 percent, 16.1 percent and 5.6 percent.

The sub activities of ‘Accommodation, food and beverage serving activities’, Professional services’, ‘Education’ and ‘Human health activities’ experienced declines of growth rates by 1.7 percent, 19.6 percent, 9.2 percent and 6.7 percent.GDP by Expenditure Approach – 2010 to 2014 (Annual estimates)

GDP by Expenditure Approach measures the value of goods and services produced in terms of expenditure or consumption by institutional sectors such as households, government, financial institutions, non-financial institutions, and Non-Profit Institutions serving Households (NPISH).

The GDP by Expenditure approach mainly comprises, Final Consumption Expenditure, Gross Capital Formation and External Balance of Goods and Services. In 2014, the first two major components contributed to the total GDP 74.8 percent, 33.1 percent and External Balance of Goods and Services contributed negatively to the total GDP by 7.9 percent.

GDP by income Approach – 2010 to 2014 (Annual estimates)

The Gross Domestic Product by Income approach measures the income generated by the production process of each sector such as Non Financial institutions, Financial institutions, General Government, Household and Non-profit Institutions serving Households.